Critical Illness Cover

Critical Illness Cover will provide a tax-free lump sum payment on diagnosis of one of a range of specified illnesses. It is designed to help meet the extra costs that someone may incur if they are diagnosed with a serious illness such as, alterations to your home, private medical care or taking extra time off work.

These payments do not need to be repaid if you subsequently recover as they are paid on diagnosis, regardless of the outcome.

Cover will give financial protection when repaying a mortgage – for the policyholder and dependents.  If the policyholder acquires a serious illness or the policyholder dies their mortgage will be protected. The policyholder must be diagnosed as part of an insurance policy for one of the particular diseases on an insurer’s approved list of health conditions.

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Insurers can structure the cover:

  • a part of any outstanding mortgage debt can be repaid after contracting the illness. This means the policyholder ‘s debt on the mortgage would be paid if the illness leads to something terminal.
  • as an alternative, the full assured sum could be paid as soon as critical illness is diagnosed. This then would mean that no further payment to the policyholder would be necessary on death. This option can be regarded as an accelerated death payment.
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The illnesses covered vary between providers but typically include:

  • Most forms of cancer
  • Heart attack
  • Stroke
  • Coronary artery disease requiring surgery
  • Major organ transplant
  • Multiple sclerosis
  • Kidney failure

Some policies also pay out for

  • Paralysis
  • Blindness
  • Loss of limbs
  • Many other serious illnesses

Not all conditions are covered, it is not based on your ability to work, but meeting the criteria set out at the start of the policy. All critical illness cover providers differ on the following:

  • Amount of conditions covered
  • Criteria for claims against the most claimed upon illnesses
  • Premiums
  • Ability for cover to keep up with inflation
  • Life element including or additional cost
  • Additional benefits (various)
  • Children’s cover
  • Treatment of existing conditions and exclusions

What is Critical Illness Cover?

It is vital that, when purchasing critical illness cover, that you get the most comprehensive policy available to you. Though a basic cover may seem like the wisest choice if you are on a budget but a more inclusive package would guarantee protection from a wider range of ailments and afflictions, such as more obscure and specific types of heart attack and cancer.

It’s possible to purchase critical illness cover with life assurance at an increased premium or as an individual cover. It’s important to have both Life and Critical Illness insurance to fully ensure that you are protected financially no matter what happens to your health.

When Government sick leave payments are not always enough

These are usually limited to £100 a week maximum which most of the time is not enough to compensate for loss of salary.  What if you don’t have enough in the bank to cover any kind of long-term illness or disability? Critical Illness Cover is a safety net and an insurance on which you can rely.

What is a Critical Illness Claim?

The definition of a claim is quite standard for a lot of illnesses and health conditions and a lot of insurers tend to use the same definition. This provides improved consistency across the Industry for all policyholders. For the UK the Association of British Insurers (ABI) has a Best Practice Statement which contains a number of standard definitions.

Lump Sum Cash Payment Alternatives

It’s possible for critical illness cover policies to pay health care providers directly for the treatment costs of critical and life-threatening diseases. This includes fees for specialists and procedures from a pre-selected group of high-ranking hospitals. The policy will show how much money can be used per treatment.

Take your Next Precious Steps with Prime

It is vital that, when purchasing critical illness cover, that you get the most comprehensive policy available to you. Though a basic cover may seem like the wisest choice if you are on a budget but a more inclusive package will guarantee protection from a wider range of ailments and afflictions, such as the more obscure and specific types of heart attack and cancer.

It’s possible to purchase critical illness cover with life assurance at an increased premium or as an individual cover. It’s important to have both Life and Critical Illness insurance to fully ensure that you are protected financially no matter what happens to your health.

Critical Illness Cover Mortgage

Choosing the best critical illness cover can take up a lot of your time and expense. Prime Financial Solutions and Mortgages Ltd is an established mortgage broker and life insurance provider, based in the centre of Wigan, Greater Manchester. We are respected and recognised by the FCA and we can help you to find the best possible solutions in the shortest amount of time. Contact Prime today to book a free consultation.

To find out more you can contact us by email enquiries@primefs.co.uk and by phone 01942 665436 or you can use our quick contact form. You can visit us at Rodney House, King Street, Wigan WN1 1BT. If you would like to complete a quick online application for Life Insurance you can go straight here to get your free quote.

 

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